Generic Gold Announces Management Change and Grant of Options
Toronto, Ontario--(Newsfile Corp. - July 14, 2020) - Generic Gold Corp. (CSE: GGC) (FSE: 1WD) ("Generic Gold" or the "Company") announces the resignation of Mr. Kelly Malcolm as President and Chief Executive Officer ("CEO") of the Company, effective immediately. Mr. Malcolm will remain a director of Generic Gold. The Company would like to thank Mr. Malcolm for his valuable contribution to the Company over the years as the CEO of Generic Gold.
Generic Gold is pleased to appoint Mr. Richard Patricio to the role of President and CEO of the Company, effective immediately. Richard Patricio is President and CEO of Mega Uranium Ltd. ("Mega Uranium"), and has served in this capacity since February 2015, having been Mega Uranium's Executive Vice President since 2005. Mega Uranium is a Toronto-based mineral resources company with a focus on uranium properties in Australia and Canada, and holds a portfolio of uranium-focused equity investments. Mr. Patricio previously served as the CEO of Pinetree Capital Ltd., a Toronto Stock Exchange ("TSX") listed investment company specializing in early stage resource investments.
Mr. Patricio is a graduate of Osgoode Hall Law School and is a member of the Law Society of Ontario. He previously worked at a large Toronto-based law firm before moving in-house at a TSX-listed manufacturing company. Mr. Patricio has been involved with the founding and growth of many resource-based issuers, and presently sits on the Board of several TSX-listed issuers, including NexGen Energy Ltd.
Mr. Patricio commented, "In this exciting gold environment, Generic Gold prospects in the Yukon and now in the Abitibi, presents a platform that I quickly became excited about being a part of. I am happy to join a strong board and shareholder group and look forward to working with the team at Generic Gold."
Generic Gold is also pleased to announce the appointment of Ms. Jessica Whitton as Corporate Secretary of the Company, effective immediately. Ms. Whitton practices general corporate and securities law for both public and private issuers. Ms. Whitton previously served as interim Chief Executive Officer of QcX Gold Corp. (formerly, First Mexican Gold Corp.) ("QcX Gold") from October 2019 to April 2020, and currently serves as Corporate Secretary of QcX Gold since October 2019.
Generic Gold also announces the grant of an aggregate of 1,100,000 options to purchase common shares of the Company exercisable at a price of $0.39 per share for a period of five (5) years from the date of grant, to certain directors, officers and consultants of the Company. The common shares issuable upon exercise of the options are subject to a statutory hold period of four months and one day from the original date of grant.
About Generic Gold
Generic Gold is a Canadian mineral exploration company focused on gold projects in the Tintina Gold Belt in the Yukon Territory of Canada and the Abitibi Greenstone Belt in Quebec, Canada. The Company's Yukon exploration portfolio consists of several projects with a total land position of greater than 35,000 hectares, all of which are 100% owned by Generic Gold. Several of these projects are in close proximity to significant gold, including Goldcorp's Coffee project, Victoria Gold's Eagle Gold project, White Gold's Golden Saddle project, and Western Copper & Gold's Casino project. The Company's Quebec exploration portfolio consists of three properties covering 8,148 hectares proximal to the town of Normétal. Generic Gold's board of directors and management team is led by experienced mining industry professionals, with expertise in exploration, finance, capital markets, and mine development. For information on the Company's property portfolio, visit the Company's website at genericgold.ca.
For further information contact:
Richard Patricio, President and CEO
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR REGULATION SERVICES PROVIDERS ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Certain statements in this press release are "forward-looking" statements within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Forward-looking statements are necessarily based upon the current belief, opinions and expectations of management that, while considered reasonable by the Company, are inherently subject to business, economic, competitive, political and social uncertainties and other contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. We seek safe harbour.
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